Key TakeawaysA successor trustee is essential in overseeing a trust post the original trustee’s tenure, with an obligation to act with fiduciary duty, diligence, and integrity in Arizona.We explain what triggers the successor trustee’s activation, the importance of successor trustees, how to choose a successor trustee, and common mistakes people make when assigning successor trustees.Successor [...]
Key TakeawaysTrustees in Arizona are bound by some of the strictest fiduciary duties in the country — duties of undivided loyalty, prudent administration, absolute impartiality, cost control, and robust transparency, among others.Taking advantage of the prudent investor rule and reviewing trust assets on a regular basis are crucial for trustees to glean performance and minimize [...]
Key TakeawaysUnequal trust distribution in Arizona involves complex legal, psychological, and interpersonal factors, making it essential to understand both the grantor’s intent and the legal framework before making decisions or raising concerns.Recording a grantor’s wishes explicitly within trust documents and explaining the rationale for unequal distributions can limit confusion and decrease the chance of future [...]